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Exercise 9.11A (Algo) Calculating employee and employer payroll taxes LO 9.5 Sky Company employed Tom Mills in Year 1. Tom earned \$5,800 per month and worked the entire year. Assume the Soclal Securily tax rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal income tax withholding amount is $890 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federal unempioyment tax rate on the first $7,000 of earnings per employee. Required a. Answer the following questions: 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? December, Year 1? b. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income Tom's new federal income tax withholding is $2.200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FiCA payroll texes? 3. What is the total payroll tax expense for Siky Company for January, Year 1? February, Year 1? March, Year 1? Oecember, Year 1? Complete this question by entering your answers in the tabs below. What is Tom's net pay per manth? Note: Round your answer to 2 decima places. a. Answer the following questions: 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? December, Year 1? b. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? December, Year 1? Complete this question by entering your answers in the tabs below. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income Tom's new federal income tax withholding is $2,200. What is the total payroll tax expense for Sky Company for January, Year 1 ? February, Year 1 ? March, Year 1 ? December, Year 1 ? Note: Round your answers to 2 decimal places. Complete this question by entering your answers in the tabs below. What is the total payroll tax expense for Sky Company for January, Year 1 ? February, Year 1 ? March, Year 1 1? Note: Round your answers to 2 decimal places. Sky Company employed Tom Mills in Year 1 . Tom earned $5,800 per month and worked the entire year. Assum rate is 6 percent for the first $130,000 of earnings, and the Medicare tax rate is 1.5 percent. Tom's federal incom amount is $890 per month. Use 5.4 percent for the state unemployment tax rate and 0.6 percent for the federa rate on the first $7,000 of earnings per employee. Required a. Answer the following questions: 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? b. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income income tax withholding is $2,200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? Complete this question by entering your answers in the tabs below. What amount does Tom pay monthly in FICA taxes? Note: Round your answer to 2 decimal places. b. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income income tax withholding is $2,200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? De Complete this question by entering your answers in the tabs below. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income Tom's federal income tax withholding is $2,200. What amount does Tom pay monthly in FICA payroll taxes? Note: Round your answers to 2 decimal places. 2. What amount does Tom pay monthly in FICA taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? De b. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income income tax withholding is $2,200. Answer the following questions. 1. What is Tom's net pay per month? 2. What amount does Tom pay monthly in FICA payroll taxes? 3. What is the total payroll tax expense for Sky Company for January, Year 1? February, Year 1? March, Year 1? Dec Complete this question by entering your answers in the tabs below. Assume that instead of $5,800 per month Tom earned $11,500 per month. Based on this new level of income Tom's n federal income tax withholding is $2,200. What is Tom's net pay? Note: Round your answers to 2 decimal places